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Public Works Investment Immigration System Attracts KRW 64 Bn Foreign Investment

According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Justice announced March 28 that it has attracted 139 cases of foreign investment (worth more than KRW 64 billion) since implementing the public works investment immigration system in May 2013.

The public works investment immigration system grants F-2 (residency) visa status to foreigners who have invested KRW 300 million to KRW 500 million in public funds, and F-5 (permanent residency) visa status when they maintain their investment status for five years.

Spouses and unmarried children of such foreign investors will also receive the same benefits.

By country, Chinese investors invested the most in public funds (123 cases), followed by those from Hong Kong (3 cases), Iran (3 cases), Japan (2 cases) and Taiwan (2 cases). Chinese investors mainly utilized the system to extend their stay in Korea.

The Ministry signed a business agreement with the Korea Development Bank to lend foreign investments to small and medium-sized companies (SMEs) at a low interest rate. The beneficiaries are SMEs with credit ratings between 6 and 11, which commercial banks are reluctant to provide loans to.

To date, a total of 125 SMEs have taken out loans from the Ministry.

The Ministry also held briefings in countries interested in investing in Korea including Russia and China to facilitate the system. Furthermore, it has established a consulting center for the public works investment immigration system at Incheon International Airport.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Mar. 26, 2016)
** This article was translated from the Korean.
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